Greek retailer Jumbo six-month profit up 12 pct on strong foreign growth


Greece's biggest listed toy retailer, posted on Tuesday a 12 percent rise in net profit for the six months to December last year, thanks to a double-digit percentage growth in Bulgaria and Romania.

Net profit for the six-months came in at 81.4 million euros, up from 72.5 million euros in the year ago period.

Jumbo has fared well thanks to its low-cost products and foreign operations despite seven years of austerity in Greece in exchange for three international bailouts which have led to an almost 30 percent drop in retail sales.

In a trading update last month, Jumbo said sales in the six months to December rose 8 percent to 402 million euros.

Jumbo operates 51 stores in Greece and another 21 stores in Cyprus, Bulgaria and Romania.

Under a aggressive expansion strategy, the retailer plans to operate at least 13 new outlets in Romania in the next five years in addition to the seven it already has. Four new stores are expected to open there by the end of the year, Jumbo said.

Jumbo also said it aims to launch its first store in Bosnia in April. [Reuters]